One of the most essential roles to fill is the executor when it comes to your will. According to CNBC, the executor files the will, pays off debts, closes accounts and distributes remaining assets.
To ensure you choose someone who can fulfill all of the obligations of an executor, you need someone organized, trustworthy and who has the time.
Finding your executor
First, your executor should be someone you trust to follow your wishes. You can choose a friend or family member or choose an impartial professional. In addition to being trustworthy, he or she needs to know how to juggle his or her responsibilities and job as an executor. It may take up to 16 months to settle an estate, so your executor should be able to handle the time it takes to close.
Updating your will
While it may be tempting to finish your will and leave it alone, you should revisit it at least once every three to five years. If you go through any significant life event, whether a divorce, birth of a child or inheritance, you should check to ensure your will is still relevant. You should make sure your executor choice is still appropriate during your review. Your executor may go through life changes that make it difficult for them to continue fulfilling the role. For instance, if your executor starts a family, he or she may not have the time to spare.
When choosing an executor, you can decide how specific the role is. For instance, you may need your executor to pay your bills, but you may not want him or her to make investments on your behalf.